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Sector Update: Energy Stocks Decline Pre-Bell Monday

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Energy stocks were declining pre-bell Monday, with the State Street Energy Select Sector SPDR ETF (XLE) falling 2.5%.

The United States Oil Fund (USO) was down 6% and the United States Natural Gas Fund (UNG) was 3.3% lower.

Front-month US West Texas Intermediate crude oil was 5.7% lower at $84.25 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil fell 6.1% to $90.90 per barrel, and natural gas futures were down 3% at $2.79 per 1 million British Thermal Units.

TotalEnergies (TTE) has decided to appeal a June 25 ruling by the Paris Judicial Court in a climate-related duty-of-vigilance case, the company said. Shares of TotalEnergies were down more than 3% premarket.

Baker Hughes (BKR) shares were up more than 3% after the company posted Q2 adjusted earnings and revenue that topped analysts' expectations.

Expand Energy (EXE) stock was down more than 1% after the company said it has agreed to acquire Twin Eagle, a private asset-backed natural gas marketing and optimization business, for $1.25 billion in cash from Five Point Infrastructure.

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